As a seasoned researcher with over a decade of experience in the crypto world, I have seen my fair share of market trends and price movements. The recent performance of Dogecoin has been relatively lackluster, but I must admit that the rising number of transactions on its network is a promising sign.
In recent weeks, Dogecoin‘s price fluctuations have been rather unimpressive, with the digital currency finding it challenging to surpass the $0.10 barrier.
On the other hand, this situation might not last long given the surge of attention towards its network, with several experts predicting an imminent upward trend on platform X.
Rising Number of Transactions
As an analyst, I can observe that the volume of transactions on a specific blockchain serves as a barometer for overall interest and usage, providing insights into investor behavior towards the network and its native token. In the case of Dogecoin, the recent months have been challenging, with the total transaction count plummeting substantially when compared to the annual high reached in February.
However, that changed last week. Data from IntoTheBlock shows that the largest blockchain from the meme coin realm processed 1.93 million transactions back then, which was the highest in over three months.
Keep in mind that back in February and March of this year, DOGE‘s price was significantly higher than $0.2 due to the network processing a substantial number of transactions – a record-breaking count. This trend might be an indication of a potential new surge for the most popular meme cryptocurrency.
Last week saw a record-breaking 1.93 million transactions on Dogecoin, making it the busiest week for transactions since early July.
Despite not yet reaching the levels seen in February, this recent increase in activity offers a hopeful indication for the Dogecoin network.
— IntoTheBlock (@intotheblock) September 17, 2024
Altseason Triggered by DOGE?
Regarding Dogecoin’s price trend, well-known analyst K A L E O has shared an updated prediction suggesting slow growth over the upcoming months. However, their chart indicates a significant surge for the meme currency in the next year, labeling it as “exciting” or “spectacular.
#Dogecoin / $DOGE
Had someone ask me for a Dogecoin update…
In the upcoming months, I anticipate that things will likely remain quite uneventful or dull, as mentioned in my previous post in this discussion.
2025 is gonna be lit though.
— K A L E O (@CryptoKaleo) September 16, 2024
According to analyst Ali’s analysis, there appears to be significant resistance at the price point of $0.11. He explains that around 23,400 addresses have previously purchased Dogecoin (DOGE) at this price and still hold approximately 31 billion coins. If these investors decide to sell when they reach their break-even point, it could lead to increased selling pressure, potentially causing a surge in supply and putting downward pressure on the price.
Should you be expecting a surge in Dogecoin value, it’s crucial to bear in mind that a significant resistance point lies around $0.11. Approximately 23,400 wallets contain approximately 31 billion DOGE at this level!
— Ali (@ali_charts) September 16, 2024
Ted, who’s an expert in cryptocurrency analysis with more than 120,000 followers, thinks that a genuine altcoin boom (altseason) might not begin until there’s a significant surge in Dogecoin (DOGE), similar to the one seen in 2020 and early 2021, as well as Q4 of 2023. His chart indicates a pattern reminiscent of 2021, potentially triggering an “explosive” altcoin season.
$DOGE pump always triggers an Altseason
This happened in 2020-21 and also happened in Q4 2023.
Right now, $DOGE is forming a similar fractal as of 2021.
If the DOGE starts to pump, get ready for a face melting #Altseason
— Ted (@TedPillows) September 16, 2024
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2024-09-17 18:53